Seanad debates

Wednesday, 2 April 2003

Central Bank and Financial Services Authority of Ireland Bill 2002: Committee Stage.

 

In a sense the (No. 2) Bill is a second set of bricks, mortar and scaffolding in this area. When both Bills are ready and the regulatory authority has an opportunity to look at all the various sectors comprehended by this legislation, we will be in a far better position to advance the consolidation exercise. At this stage it is important that the regulatory authority is established. This has been a very difficult legal exercise. While I appreciate the work was very detailed and complex, involving amendment to substantial legislation, the parliamentary counsel has done a very good job in identifying and itemising much of the existing position in the Schedules to the Bill before the House. At this stage it would be premature to insert a deadline on consolidation into the Bill.

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